My income last year was high but I'm still laid off since July 2020. How will my 3rd stimulus payment be calculated?

[DianeW777]

We don't have specific information on the income qualifications or procedures for the third stimulus payment because the measure hasn't been passed yet. However, if you had issues receiving your earlier stimulus, then the best way to ensure that you are one of the first to receive any future stimulus payments is to file your 2020 tax return as early as possible and use direct deposit so that the IRS will have your updated information. 

You can find the most up to date information from the IRS here, and updates from TurboTax here as they develop.”

[lexikenzi8]

Yes I see it is taking more time to get the agreements in the Government than I thought. I 'll ask again once it has passed. But the question still exists somewhat because I did receive a full 2nd stimulus check but never heard what the criteria was for that. Trying to get my taxes done, but AGI still will be high although I was laid off in July 2020. Will they see I received unemployment benefits last year and still receiving them this year? And with little prospects for the aerospace industry to come back anytime soon, getting my job back or a similar job is pretty daunting. Thank you  AB

[LenaH]

Although not enacted into law yet, it is likely that the third stimulus payment will be based off of the last tax return filed. If you already filed your 2020 return, then it will use the adjusted gross income (AGI) off of the 2020 return.

The IRS will not look at the details of each return to determine whether you or you should get the third stimulus payment. It will be based solely on adjusted gross income, as it has been previously. Therefore, if your adjusted gross income (AGI) was over a certain amount, you may not qualify (even if you were unemployed in the middle of the year). 

The criteria for the second stimulus was:

• Be a US citizen or resident alien.
• Not be claimed as a dependent on someone else's tax return. 
• Have an Adjusted Gross Income (AGI) up to $75,000 for individuals and up to $150,000 for married couples filing joint. If your AGI is above this amount, your payment will be reduced. 

@lexikenzi8

[lexikenzi8]

For the 2nd stimulus my AGI in 2019 was about$100K and still got almost the full $600.

[fanfare]

did you file already? Are you married?

for singles, the phaseout starts now at $75,000 with phase out to zero at $80,000.

[lexikenzi8]

Close to filing and am not married.

[lexikenzi8]

DianeW777   

Can you please re-answer my question since the rules are out there for the 3rd payment.

I lost my job last year due to the virus. My industry was aerospace.

Thank you

Allen

[lexikenzi8]

LenaH   

Can you please re-answer my question since the rules are out there for the 3rd payment.

I lost my job last year due to the virus. My industry was aerospace.

Thank you

Allen

[gloriah5200]

A third round of stimulus checks is on the way for millions.

The American Rescue Plan, a new COVID relief bill, was signed into law on March 11, 2021. The bill includes a third round of stimulus payments for millions of Americans. We know these funds are important to you, and we are here to help.

If you are eligible, you could get up to $1,400 in stimulus checks for each taxpayer in your family plus an additional $1,400 per dependent.

This means a family with two children could receive $5,600.

The IRS began issuing the first batch of stimulus payments, and they could arrive as early as this weekend (March 13-14), with more arriving over the coming week.

Further batches of payments will arrive during the following weeks. If you’re eligible, check the status of your stimulus payment and the way it’ll be sent to you by going to the IRS Get My Payment Tool, which will be live on March 15th.

To find out if you are eligible and how much you can expect, visit our stimulus calculator.

Here is how they are calculating it:

Families earning less than $150,000 a year and individuals earning less than $75,000 a year should get the full $1,400 per person.

Families earning up to $160,000 per year and individuals earning up to $80,000 per year will receive prorated stimulus checks for less than $1,400 max.

Unlike the previous two rounds, you will receive stimulus payments for all your dependents, including adult dependents and college students.

[Edited 03/14/2021|3:52 pm pst]

[lexikenzi8]

Not very helpful. You can easily get the information you are presenting all over. I have a specific question.

Thank you

[MarilynG1]

@lexikenzi8 If you have an adjusted gross income (AGI) of up to $75,000 ($150,000 married filing jointly), you should be eligible for the full $1400 stimulus payment.

If you filed a 2020 return and it is accepted prior to the Third Stimulus being sent out, the IRS will use that info in determining eligibility.

If not, they will most likely use your 2019 AGI info.

Click this link for an article on the Third Stimulus. 

[lexikenzi8]

Sorry, you still have not answered my question.

Why doesn't a person who was laid off from the virus get this 3rd payment? 

By the rules you mention and can find everywhere, I don't qualify!  Why?

[ErnieS0]

The third stimulus is based on 2020 income. You have not said what your 2020 AIG is. If your 2019 AGI was ~$100,000, might we assume your 2020 income was somewhat larger than half that, since you were laid off for half the year?

If the IRS has not accepted and processed your 2020 tax return by the time your stimulus payment comes up, then the IRS will use 2019 tax information. The IRS has not said how it will reconcile payments based on 2019 income. It’s possible the 2021 tax return will include a Recovery Rebate worksheet like this year.

Generally, if you are a U.S. citizen or U.S. resident alien, you are eligible for the full amount of the third Economic Impact Payment if you (and your spouse if filing a joint return) are not a dependent of another taxpayer and have a valid Social Security number (see exception when married filing jointly) and your adjusted gross income (AGI) on their tax return does not exceed:

• $150,000 if married and filing a joint return or if filing as a qualifying widow or widower
• $112,500 if filing as head of household or
• $75,000 for eligible individuals using any other filing statuses, such as single filers and married people filing separate returns.

Payments will be phased out – or reduced -- above those AGI amounts. This means taxpayers will not receive a third payment if their AGI exceeds:

• $160,000 if married and filing a joint return or if filing as a qualifying widow or widower
• $120,000 if filing as head of household or
• $80,000 for eligible individuals using other filing statuses, such as single filers and married people filing separate returns.